Tag: stock market

The Dow industrials and S&P 500 finished at records Friday as the Dow continued its streak of closing highs and daily gains despite a selloff of financial and energy shares. The Dow Jones Industrial Average rose 11.44 points, or less than 0.1%, to finish at 20,821.76, its eleventh straight session of record closes, led higher by shares of Wal-Mart Stores Inc. and Johnson & Johnson Inc. and hampered by shares of Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. . For the week, the Dow closed up 1% for its third week of gains. The S&P 500 index closed up 3.53 points, or 0.2%, at a record 2,367.34, with utilities and telecom stocks leading gains and energy and financial stocks weighing on the index. For the week, the S&P 500 closed up 0.7% for its fifth straight week of gains. The Nasdaq Composite index finished up 9.80 points, or 0.2%, at 5,845.31, just shy of a record, for a 0.1% gain on the week and its fifth straight week of gains.

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The White House was pushing back Friday after a report said National Economic Council Director Gary Cohn told a business group the Trump administration doesn’t support the House Republicans’ border adjustment tax plan. A White House official told MarketWatch Cohn’s comment to the group was taken out of context and Cohn didn’t state support or opposition to the plan.

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Shares of Intuit Inc. climbed 5.5% on Friday after the TurboTax parent reported a sharp rise in revenue that trumped expectations and increased its revenue outlook for the current quarter, despite previously warning that tax season had been off to a slow start. The company reported a nearly 50% increase in subscribers during the quarter. Shares traded around $127.47 in afternoon trade, putting them on track for record high, $7 above the company’s previous record of $120.70, notched Thursday. They stock is up more than 10% in the past three months and nearly 30% in the past year, outperforming the S&P 500 , up 7% in three months and 22% in a year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Shares of Intuit Inc. climbed 5.5% on Friday after the TurboTax parent reported a sharp rise in revenue that trumped expectations and increased its revenue outlook for the current quarter, despite previously warning that tax season had been off to a slow start. The company reported a nearly 50% increase in subscribers during the quarter. Shares traded around $127.47 in afternoon trade, putting them on track for record high, $7 above the company’s previous record of $120.70, notched Thursday. They stock is up more than 10% in the past three months and nearly 30% in the past year, outperforming the S&P 500 , up 7% in three months and 22% in a year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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The retail sector whipsawed higher Friday, after National Economic Council Director Gary Cohn reportedly said the White House doesn’t support the GOP’s border-adjustment tax plan. That came less than 24 hours after Trump sent the sector reeling, after he reportedly expressed approval of a border-adjusted taxes. The SPDR S&P Retail ETF jumped 1.7% in afternoon trade, after being down as much as 0.5% earlier in the session. The ETF had slumped 2.3% on Thursday, after Trump told Reuters he approved of a border-adjusted tax. Among some of the ETF’s components, shares of Wal-Mart Stores Inc. rose 1%, of Target Corp. climbed 2.3% and of Home Depot Inc. gained 0.6%. The ETF has lost 6.4% over the past three months, while the S&P 500 has gained 7.0%.

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Gold climbed for a fourth straight week Friday to highs not seen for three months as the dollar softened and traders grew anxious over timelines for President Donald Trump’s pro-business plan rollout and other geopolitical concerns. Gold for April delivery rose $6.90, or 0.6%, to settle at $1,258.30 an ounce, its highest finish since Nov. 10, for a weekly gain of 1.6%. Silver for March delivery advanced 22 cents, or 1.3%, to settle at $18.34 an ounce, for a weekly gain of 1.6%. The U.S. Dollar Index , which had traded lower earlier in the session, was last up less than 0.1% at 101.07.

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Kevin Hassett, an economist at the American Enterprise Institute, will be named chairman of the White House Council of Economic Advisers, Politico reported. Hassett is most known for co-authoring a book forecasting the Dow reaching 36,000 just months before the dot-com bubble burst. He’s also advised several Republican presidential candidates.

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WASHINGTON (MarketWatch) — Gary Cohn, director of the National Economic Council, reportedly told a business group that the White House doesn’t support the House Republican border adjustment tax plan. According to Axios, Cohn made the remarks at a private event in Washington.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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U.S. stocks on Friday pulled back, putting a record-setting streak for the Dow industrials at risk as investors searched for an impetus to keep pushing shares higher following 10 straight positive sessions. The Dow Jones Industrial Average lost 60 points, or 0.3%, at 20,746, the S&P 500 index fell 9 points, or 0.4%, to 2,355, and the Nasdaq Composite Index shed 31 points, or 0.6%, at 5,802, marking the third straight decline for the tech-heavy gauge. In corporate news, shares of Hewlett Packard Enterprise Co. slumped after reporting lower sales than expected, while Nordstrom Inc. shares jumped after posting better-than-expected results.

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Shares of Nordic American Offshore Ltd. plummeted 41% toward a record low in premarket trade Friday, after the operator of platform supply vessels announced a share offering, which would nearly triple the shares outstanding, that priced at a sharp discount. The company announced late Thursday a public offering of 33.3 million shares, but said early Friday that it was boosting the offering to 40 million shares. The company recently had about 20.7 million shares outstanding, according to FactSet. The share offering priced at $1.25, which was 39% below Thursday’s closing price of $2.05. Nordic American said the underwriters of the offering have reserved about $10 million worth of the new share for sale to Nordic American Tankers Ltd., the company’s largest shareholder, and $2 million worth of new shares to Executive Chairman Herbjorn Hansson. The company plans to use the proceeds from the stock offering for general corporate purposes and for the expansion of its fleet. The stock has tumbled 31% over the past three months through Thursday, while the S&P 500 has gained 7.2%.

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From:: Stock Market News